Foliar Fertilizer Market Global Foliar Fertilizer Market CAGR by Crop Type 2022 2028
DUBLIN, April 1, 2024 (Globe Newswire) — The “Global Foliar Fertilizers – Market Share Analysis, Industry Trends and Statistics, Growth Forecasts 2016-2030” report has been added. ResearchAndMarkets.com Recruitment.
Comprehensive data shows that the global foliar fertilizer market is witnessing a significant upward trend, with the market size estimated at USD 20.18 billion in 2024. It is predicted to continue to grow and reach USD 28.59 billion by 2030. This growth trajectory is set at a steady compound annual growth rate (CAGR) of 5.98% over the forecast period 2024-2030.
Insights into segment performance
On a detailed analysis of the market details, the nitrogen-containing foliar fertilizer category is prioritized as the largest and fastest growing type of segment within the market. This advantage is due to the low toxicity of nitrogen-containing fertilizers like UAN and minimal environmental pollution concerns. Additionally, the growing focus on sustainable agriculture and precision agriculture is increasing the demand for such foliar fertilizers. Among the crop type classifications, turf and ornamental crops are gaining attention due to expanding cultivated areas, environmental concerns, and a rapidly growing ecotourism sector internationally. Regionally, the United States stands out for its significant market share due to soil characteristics suitable for foliar fertilizer application.
Emerging market trends
The foliar fertilizer application method accounts for 11.3% of the total fertilizer market and is attracting attention due to its high nutrient absorption efficiency. With more than 90% of the agricultural land area dedicated to field crops, this segment will continue to dominate and exhibit solid growth potential throughout the forecast period. The Asia-Pacific and European regions are known for their high utilization of foliar fertilizers, accounting for a large market share for both field and horticultural crop applications. The Asia-Pacific region occupies the position as a major consuming region for the horticulture sector, underpinned by the vast cultivated area in prominent agricultural countries such as China and India. The extensive use of foliar fertilizers for lawns and ornamentals in North America is noteworthy. This is associated with the widespread deployment of turfgrass in different landscape areas.
Regional advantages and predictions
Europe has emerged as a dominant force in the foliar fertilizer sector, contributing to a significant market share. Growth in the region is affected by the prevalence of soil micronutrient deficiencies that affect crop yield and quality. The Asia-Pacific region is also showing promising growth, with China leading the market share in the region. The South American market has expanded significantly in recent years and is projected to register a CAGR of 6.7% during the analyzed period.
Industrial landscape overview
The global foliar fertilizer market exists as a fragmented industry, with the top five companies accounting for 20% of the market. Key players include a number of established organizations that are actively involved in this dynamic market space.
Companies mentioned in this report include, but are not limited to:
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